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need liken fraught structure. we think that's what is good for the economy. if they have different suggestions and want to go further in some areas, they should lay it out to us. >> you say they are in a hard spot, what do you mean? >> they are trying to figure out how to find a way to support things that they know they are going to have to do that will be very hard for them. you've heard them for the first time in two decades now acknowledge that they are willing to have revenues go up as part of the balanced plan. that's a it good first step but they have to tell us what they are willing to do on rates and revenues. and they have to tell us on the spending side if they want to go beyond where we are or do it differently and they have to tell us what makes sense to them. what we can't do, chris; try to figure out what works for them. >> the president campaigned for re-election on the idea of a, quote, balanced approach, end quote, to deficit reduction. a mixture of tax increases and spending cuts. here's the plan that the republicans say you presented to them this week. >> i can t
referred to things that will help make the economy stronger in the short-term and let me explain why we proposed that. what we are suggesting is that we work to rebuild the country's infrastructure, rather than putting it off, doesn't say just to put it off and extend unemployment insurance benefits and help make it easier for americans to refinance mortgages and, tax incentives for business investment and proposed how to do that in a fiscally responsible way we can afford to pay for and matched those proposals, with spending savings that, together as part of the plan, get us down to the point where we stabilize our debt and that is the critical test. >> chris: let me drill down into the spending part of the equation, here they're increases, spending increase as you are proposing. $150 billion, in stimulus, public works projects over several years. a $30 billion extension of unemployment insurance, for one year. extension of payroll tax cuts, mortgage relief, deferral, of automatic cuts for doctors and medicare. here are the spending cuts. unspecified savings from nonentitlement program
it to some of the other developed economies, you can see how well australia is holding up. we've seen growth of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending.
for regional power. israel has the most powerful economy and military, but lacks political power for obvious reasons. turkey has economic and military power, but it also has growing regional clout. egypt is the natural leader of the arab world but it's not in a position to dominate. its economy is shambles, its military is second rate. the public opposition has been reassuring. the middle east is a complex region that is changing fast. grand generalizations about it are likely to be undone by events. but it is a more vibrant, energetic, open, even democratic place than the middle east a generation ago. for more, read my column in this week's "time" magazine. let's get started. >>> it was a week filled with tension and violence in egypt. there were mass protests after morsi issued a decree neutering the judiciary. there were demonstrations in his favor, and a constitution was drafted that spurred protest on the street. what to make of it all? two of my favorite scholars are with me. welcome, guys. conventional wisdom is this is a power grab by morsi. is that accurate? >> his dclaration gave h
over the last four years, there is progress in some key sectors of our economy. we've seen housing finally begin to bounce back for the first time, and that obviously has an enormous ripple affect throughout the economy. consumer confidence is as high as it's been. many of you over the last two, three years have experienced record profits or near record profits and have a lot of money where you're prepared to invest in plants, and equipment, and hire folks. obviously globally the economy is still soft. europe is going to be in the doldrums for quite some time. asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago. but i think what all of you recognize and many of you have told me is that everybody is looking to america, because they understand that if we're able to put forward a long-term agenda for growth and prosperity that is broad based here in the united states, that confidence will not just increase here in the united states, it will increase globe balance leave. globally and i think we can get the
nations want a five-year extension. they argue major economies may not be able to agree to severe reduction targets over the long-term. japanese delegates say they will not join the extended protocol. they want to continue using something called the clean development mechanism. it allows rich countries to earn carbon off sets by providing nds and technology to poor nations to help them reduce their emissions. >>> the people in charge of the site of the world's worst nuclear accident say they have taken a big step in cleaning it up. workers have raised part of a permanent shelter around a reactor at the nuclear plant in chernobyl. the area around the plant is highly contaminated. the workers raised an arched section that will surround the destroyed unit. the number 4 reactor was covered with a concrete and metal structure after the explosion in 1986. the so-called stone coffin deteriorated and could release radioactive substances. they began believe the new shelter in april to go around it. it is 250 meters wide and 105 meters high. government officials say engineers designed the s
to go into the real economy. >> as we saw in our report, greeks are out protesting against this deal. what with the public like to see instead? >> i think the biggest thing they would like is some sense that the unemployment issue is going to be addressed. the protests we saw today were mainly involving municipal workers, city hall workers. not just in athens, as about 2/3 of city halls around the country were shut. many of those workers will be laid off between now and the end of the year. the government is finding it very hard to get the mayors of those city halls to send in the list of names of people who have to be laid off. >> thanks so much for the update. germany is a top lender to greece, and lawmakers are expected to approve the release of berlin's contribution immediately. still, there are deep suspicions that talks of a debt write-down have been delayed until after next year's german elections. >> the deal would be put to vote on thursday or friday. >> it is not an easy sell for the defense of the idea of letting greece buy back its bonds at below market value. >> it is im
, people. i hope you're not either. coming up tomorrow, what was once a dark spot in the economy is becoming the shining star in the recovery. why the quick turn around? that's all for on the. thanks for joining us. have a great night. see you right back here tomorrow. ♪ lew: good evening, everybody. u.s. foreign policy in the middle east in question at this hour. violence spiring out of control in syria after 20 months of civil unrest and the deaths of at least 40,000 murdered civilians at the hands of their own government. united states and nato agreeing to deploy patriot weapons and to thwart an aso-called by assad. the missile systems to be positioned near the syria. his staff denies that and estimates if they were deploy troops, it requires 75,000 of the troops in a full ground invasion in order to seize the chemical weapon stockpile. fox news confirming they were not ordered to draft the consideration of such a mission. secretary of state clinton is nonetheless talking very tough calling for assad to step down as the obama administration has done for the past 15 months, b
back then, barack obama believed that lowering rates was good for the economy. dagen and connell, it is yours. connell: the war on wealth is where we begin today. dagen: get the government out of the markets. connell: the devil wears -- becoming our next ambassador to britain. dagen: holiday travelers paying up. the average ticket price topping $450. connell: everyone needs a few days off. it is the top of the hour. we will go to nicole petallides. good morning. nicole: good morning. let's take a look at what is going on here. let's take a look at jardin restaurants. it turns out they are not meeting the analyst expectations. let's take a look at the stock. it is near its lows of he day. their earnings will miss the analyst estimates. same-store sales dropping 3.2%. as a result, sales have diminished. how about the major market averages? the dow is higher, but the s&p and the nasdaq are lower. dagen: republicans finally pulling off their own plan to deal with the fiscal cliff. connell: the white house predictably saying, no deal. the parameters are there now. we can start to ima
's not in a position to dominate. its economy is shambles, it's i it's military is second rate. the public opposition has bng reassuring. the middle east is a complex region that is changing fast. it's more vibrant and even more democratic place of the middle east a generation ago. you can read my column in this week's time magazine. let's get started. >>> it was a week filled with tension and violence in egypt. there were mass protests after morsi issued a decree neutering the agenda. what to make of it all? two of my favorite scholars are with me. this is a power grab my morsi. is that accurate? >> every decision he makes is now free of any possibility of judicial review. really the game is kind of moved beyond that now. what is motivating people to protest is not the declaration but it's the new institution that his allies have rushed through. >> steve, what is the army's role in all of this. that's the piece people don't understand. you have morsi and the isz lam brother head. you have the liberals who are opposing it. where does the army stand? >> the military has removed itself from the politic
is to control the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. it will hurt small businesses. it will hurt our economy. why? this is not the right approach. >> reporter: boehner and president obama said they are optimistic that a deal can be reached by christmas. >>> turning overseas to egypt, where opponents of president mohamed morsi are calling for a second revolution. morsi is addressing his people today. a speech in which he's expected to discuss his move last week to seize near absolute power. thousands have been on the streets of cairo protesting that move since. morsi is showing no signs, though, of backing down. >>> and with the conflict in syria showing no signs of ending, the obama administration is reportedly considering deeper intervention there. this morning's "new york times" says no decisions have been made. but several options are being looked at, including providing arms to anti-government fighters. a decision on whether to deploy surface-to-air missiles in neighboring areas is likely next week. >>> and a m
those technical terms. and jonas, pushing back the deadlines, what does it mean to the economy? especially if we don't know in it will be a deal in a month or a deal to do a deal in another year? >> there's absolutely no good at this point in pushing along the current system and waiting to fix it later. yeah, no one wants higher taxes, but we're not in a deep reception right now. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certa
bankruptcy would be a major blow to the world economy. >> rescuing greece has been a main priority for the government, the citizens want to know -- what will it cost? >> an overwhelming majority bank of the measures, although the opposition left party voted no. there is still a sense of unease among lawmakers about the cost to taxpayers. the finance minister sought to calm the doubts. >> we are pursuing a policy that restructure's degree budget and economy with as few costs and risks as possible for both germany and your -- europe. it is our goal and must remain our goal that greece at some point must shoulder its debts on its own and that the markets accept greece as a creditor. >> athens still has a long way to go before that happens. german lawmakers acknowledge the sacrifices greeks have already made and understand the ongoing protests. the necessary measures are hitting a lot of people hard. the new bailout package is worth 44 billion euros. germany will bear 730 million of that in the coming year. the opposition accuses the government of misleading the public about the true c
of a percentage point in october. the dow finished ahead. the nasdaq lost two. europe's economy remains in the tank. 17 euro zone countries have a combined unemployment rate of 11.7%. that is the highest since the introduction of the common currency in 1999. 18.7 million people are out of work for the euro zone. pain and greece have jobless rates of more than 25%. back at home, the question of who will be the nation's top diplomat in president obama's second term continues to intersect with complaints about how the administration handled the libya terror attack. chief intelligence correspondent catherine herridge with the continuing saga of what susan rice knew and when she knew it. >> since it's classified briefing on capitol hill two weeks ago, lawmakers stressed that ambassador susan rice had asked for the unclassified intelligence on the benghazi attack, including the controversial c.i.a. talking points, as well as classified information. now leading republican in the senate tells fox that the classified information included the president's daily brief. from the 16 intelligence agen
has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: neither side showed signs of budging today as the nation edged closer toward a so- called fiscal cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the
. you're talking about something that would do tremendous damage to the domestic economy. everybody agrees with this. president obama as president at least twice made the argument, raising taxes including raising taxes just on the wealthy would hurt the economy. he is doing something he previously said would hurt the economy. melissa: that is absolutely true but please,,guys, show me that full screen another time. on the spending side of the ledger none of those cuts are big enough to make any kind of a difference, whether we're talking about going over the cliff or talking about even the gop plan. if you keep in mind we're spending $4 billion a day that we currently have a debt of $16.3 trillion. depending on whose estimates you look at we'll have a deficit 1.1, 1.2 or $1.4 trillion a year. >> yes. melissa: none of those things curb the spending we're doing. >> no, right. melissa: that is what i thought was shocking and distressing about crunching these numbers. >> you're absolutely right. the most important way to look at iscal cliff debate, the math is fine to go through it but
morning. good to be with you. i'm terrell brown. and a little more than a month the u.s. economy could experience a severe shock. that is if leaders in washington can't come up with a budget deal. scares of automatic spending cuts and tax increases could take effect january 1st. democrats moved by president obama and congressional republicans signaled they are willing to compromise on changing tax rates and spending reductions but the negotiations are moving very, very slowly. susan mcginnis is in washington with the latest. susan, good morning to you. >> reporter: good morning. the president is sending his top two negotiators to talk with lawmakers today about possible spending cuts. he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to tak
the economy and if we do that on january 15th and it is a good deal, i would much prefer that over doing a bad deal on december 15th for face-saving on the january 1 fiscal cliff drop dead date. >> eliot: you're among the group that have been called the cliff jumpers. i don't know how you take that phrase but you've been willing to say let's go over the cliff. it will not be as dangerous and as cataclysmic as people are saying. >> i'm in good company. warren buffett. basically this artificial deadline is not a cliff. it is a slope. the bottom line is we've got to get a good deal. something that is sustainable and durable and not hit the panic button and then try to spin what is a bad deal as a good deal because that won't be sustainable after january 1st. >> eliot: that's not only correct on substance. unless we say that, the other side will stick us up and hold us to the deadline and get us to flinch at the end which unfortunately has been the history of the white house in the last couple of years. your wisdom there, i
, according to the congressional budget office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending cuts for every dollar in revenue. this is, this is the opposite. >> well, finally, the white house has learned not to negotiate with itself, but with the opposition, which is the republicans. remember, there is no real cliff. on january 1st, the only thing that goes away is the social security tax holiday and nobody is seriously talking about continuing that. all the other tax increases don't take place until sometime around march. gives congress plenty of time to rekrit them, but that's $4 trillion of additional re
the economy to go over the fiscal cliff? what kind of reaction might we see in the market if that were to materialize? >> well, if we saw the market sell off in a big way, i don't think anybody believes we're going to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have
. martha: he argues the economy is ready to take off if people would just stop playing the blame game. bill: one of the changes that may be coming is the reduction in the mortgage interest rate duck you can claim. but according to the i.r.s. only a small percentage of americans claim it after all. all. 37% in maryland and 15% in north dakota. 73 per of americans are opposed to changing that. martha: the owner of popular restaurant chains claims complaints about obama-care have been hurting the company's bottom line. the head of darden says part of the blame is the negative coverage on the company's position on obama-care. we are just beginning on this wednesday morning. dock workers getting back on the job after a crippling 8-day strike at the port of los angeles and long beach. we'll look at the toll that the work stoppage has taken on the u.s. economy. bill: a questionable cartoon featuring the rich stealing from the middle class. martha: two rising stars in the republican party laid out their vision for the future last night and for their party. >> we need to carry on and keep fighting f
dage to the domestic economy. evybody agrees with this. president ama as president at lst twice made the argument, raising taxes including raisin taxes just on the wealthy would hurt the economy. he is doing somethinghe previously said would hurt the onomy. melissa: that is ablutely true but plse,,guys, show me th full scre another me. on the spendg side of the ledger none of those cuts are big enough to make any kind of a difference whether we're talking about going overhe cliff talking about even the gop plan. if you keep in mind we're spending $4 billion a day that we currently have a debt of $16.3rilli. depeing on whose estimates u look a we'll have a deficit 1.1, 1.2 or$1.4 trillion year. >> yes melissa: none of those thin curb the spending we're doing. >> no, right. melissa: that is what i thoughwas shocking and distressing about crunching these numbers. >> y'r absolute right. look at iscal cliff debate, e math is fine to go through it but t most portant question in my mind will there be serious structural eitlement reforms. melissa: right. >> t kinds of reforms that will yiel
it differently, they should tell us how they want to do it. >> i believe raising tax rates hurts our economy, hurts the prospects for more jobs in our country. >> shannon: as the sparring continues over the fiscal cliff, neither boehner nor geithner can say for certain that the country will not go over the edge. i'm shannon bream. america's news headquarters live from the nation's capital starts right now. >> shannon: we want to get to the budget standoff. peter doocy joins us live. there is time to strike a deal but not a lot. >> reporter: that's right. the speaker of the house john boehner made a point today to say there is not much time between election day and the end of the year. he thinks the white house has already wasted weeks because he does not think the proposal to avoid a fiscal cliff is serious one. negotiations here are nowhere. another republican, senator lindsey graham thinks he thinks things are heading down hill. >> i think we are going over the cliff. it's clear to me they made a political calculation. the offer doesn't deal with the entitlement reform to save the medicare
the economy if you raise tax rates on the top two rates. it will hurt small businesses, hurt our economy. >> so let's bring in the political panel on this topic for today. erin mcpike back with us and david goodfriend, democratic strategist and contributor. thank you for sticking around. let's bring in the element of tom cole, a republican of oklahoma. doesn't get more red than oklahoma. let's play what he said regarding support and passing the middle class tax cut. >> in my view, we all agree we won't raise taxes on people making less than $250,000. we should take them out of this discussion right now. >> what is the issue with that? >> well, what congressman cole has really shown is that there's an imminent amount of good logic and sense in preserving the current tax rates for 98% of americans for a lot of reasons. one of which is the gdp dependent on consumer spending. 0% of the economy is consumer spending. if you take $2,000 on average out of pockets of consumers, it's going to hurt the economy so right away you have a low tax good economic rational behind it but there are politics
and is fair. that would be good for businesses, for our economy, for future generations, and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue. we have to cut spending we don't need. and if we combine those two things, we can create a path where america's paying its bills while still being able to make investments in the things we need to grow like education and infrastructure. we know how to do that but in washington nothing's easy so there's going to be prolonged negotiations and all of us are going to have to get out of our comfort zones to make that happen. i'm willing to do that. i'm hopeful that enough members of congress in both parties are willing to do that, as well. we can solve these problems, but where the clock is really ticking right now is on middle class taxes. at the end of the year, middle class taxes currently in place are set to expire, middle class tax cuts surge in place are set to expire. there are two things that can happen. if conditioning does nothin
impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at the larger context. the larger context is we have a math problem. we have $2.5 trillion that we're taking in every year on the federal government and $3.5 trillion that we're spending. so, we're going to need a balanced approach of both revenue and spending cuts to teat there. so, that's what the president has been talking about and certainly something i can support. >> "the wall street journal" today senior administration officials say the white house not making any new offers until republicans change their opposition to raising top tax rates in this country. as a businessman, that would be directly affected by an impasse like that, as would millions of americans. how do you feel about that? >> how i feel, i'm 100% confident we'll resolve the fiscal cliff pretty much a day or two before christmas. wh
's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing for a balanced approach, including spending cuts and new revenues. the president says we could cut taxes for the middle class right now if congress agreed to extend the bush era tax cuts for everybody except those earning more than 250,000 a year. he stressed the urgency of the situation. >> if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a family of four will see their income tax rise by $2,200. we can't let that happen. our families can't afford it and neither can o
, which will be one where the egyptians will be able to take control of their economy much more so than before. it tells you that the egyptians feel they own the country, and that is very important. >> what do you say of the critique that if you can simply replaced one ferro with another? >> i would say it is not that -- one ferro -- pharoah with another? >> i would say it is not that bad. in the old days under a pharoah there would be no protests in the street. today, people feel empowered to control their destinies. >> even if people are demonstrating for a better future, where will the jobs come from? but i am one that believes the egyptian economy has been repressed for a long time. with proper management and an inclusive growth model, as opposed to one that just serves special interests, and with help from outside, egypt can unleash its private-sector. if that materializes, then drops will materialize and party will go down. -- jobs will materialize and poverty will go down. it is a bumpy voyage, but possible. >> how can he do to fill the role of law, which is all important? -- ho
thing to say there is the adverse effects on the economy if we don't get a deal build and really take several months to take full effect. while we want a deal by january 1st if they get a deal pretty quickly then in january and make it retroactive to january 1st which i think they do then the economy is still okay. the big problem is if we go months with no deal. >> all the ceos i talk to say there's already an impact. there's uncertainty. they are not hiring. i heard from a number of retailers who say if we don't have a deal by december 14th this will not be a happy holiday for us. if things do go over the cliff, robert what happens and how significant is that going to be on the economy in the immediate term? >> well actually we probably are having a modest effect now and it's not like it suddenly becomes dramatic on january 1st. it just gradually gets bigger over time. and we really have two issues threatening the economy. the fiscal cliff on january 1st isn't the only one. about two months after that we hit the debt limit again. the debt limit is different. if
we should have a balanced approach to deficit reduction that doesn't hurt the economy or hurt middle class families. glad to see if you have been reading the pains more and more republicans in congress are agreeing with this idea we should have a balanced approach. >>shepard: he referenced some in the g.o.p. who signal they could be willing to play bull. the republican leadership still is insisting they will not consider tax hikes. >> republicans are willing to put revenue on the table the it is time for the president and democrats to get serious on the spending problem our country has. >>shepard: president obama continues the p.r. blitz. later today he is scheduled to meet with big business leaders to discuss the proposed fix to the fiscal cliff. ed henry is live with us at the white house. what seem it is to be lost in this is the tax cuts going to expire. that's it. if they want to extend them on some, they can. but he will not allow it on people who make more. what part of this is confusing? >>reporter: a lot of other pieces that are confusing because no one wants to come to the
spending to boost the economy including home mortgage refinancing and the permanent end to congressional control over the debt ceiling. in return, president obama is offering republicans $400 billion in entitlement cuts over ten years. still to be negotiated. mr. obama also wants emergency unemployment benefits and a temporary payroll tax holiday extended along with the infrastructure spending and mortgage relief, the price tag for the president's stimulus bill could rise to $50 billion or more. after meeting with secretary geithner, speaker boehner said he didn't see any sign of compromise from the white house. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and secondly, no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> eliot: no sooner had boehner finished then senate majority leader harry reid took the podium to challenge republicans to come up w
the story out there. climate change is happening. we immediately have to start transforming our economy to renewable energy. that's totally duible. we can run everything we have right now off existing technology from the wind and the sun and renewable energy. the second thing, it's an incredible economic benefit and economic engine to this area. there are community centers out on the rockaways that have power because greenpeace pulled up with a solar array on the back of a truck and that distributed generated energy helps people. >> eliot: it is unfortunately an event to drive home the reality of what you can do at a moment of distress when you need to find alternative energy sources. you've done that. i want to pivot a little bit. the occupy movement has morphed into something different. it's changed it's imagery and providing real services to real people. is that going to be a continueing transformation? is this a new cause for occupy. >> one would argue that they were a disaster organization when they were dealing with the wall street disaster. but this is a new form of politics and
will hurt our economy and will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester, and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reforms, it's going to be impossible to address our country's debt crisis. and get our economy going again and to create jobs. so right now, all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to make. with that i'll take a few questions. >> speaker boehner, why will you not tell democrats what specific spending cuts you would like to see, especially within en titlements? >> it's been very clear over the last year-and-a-half, i've talked to the president about many of them. you can can look at
the summer months where he focused on obama and the economy. i want to talk about, because i can't resist it, it's almost 2013. i think we're well within the bounds. the virginia governor's race. bill bolling, the lieutenant governor, dropped out in twain to make way for bob mcdonnell, currently the governor, dropped out again this week to make way for state attorney jgeneral ken cucinell cucinelli. you have the best friend of bill clinton terry mcauliffe as the democratic nominee. some people are painting this as a tea party against the clintons in mcauliffe. things can still happen. it looks like a fascinating race. >> chris, as you know, political reporters, we only have two gubernatorial races to cover. we give a lot of attention to virginia and new jersey. what's fascinating about virginia, since i've been covering politics on the national stage, the off-year election has proved to be a template if that party that's out of power wins. 2005, tim kaine ends up running a race, appealing to independents, sfresing his religious faith. actually kind of having a very soft appeal to a lot of fo
which means fewer jobs and that can drag our entire economy down. now, the good news is, there's a better option. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody's. and that means that 98% of americans and 97% of small businesses wouldn't see their income tacks go up by a single dime. 98% of americans, 97% of small businesses would not see their income tacks go up by a single dime. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. so it's not like folks who make more than 250 aren't getting a tax break, too. they are getting a tax break on the first 250 just like everybody else. families and small businesses would, therefore, be able to enjoy some peace of mind heading into christmas and heading into the new year. and it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so w
paid down and start growing the economy again. that's not unusual or new to any of us. nobody in the country. so i think the president is sticking to what he said throughout the campaign and as i said 3 million more people voted for him than voted for the other guy. >> with that said, on taxes, if there's any chance on your side, is there any chance on your side to come down to the form of a smaller tax hike on incomes above $250,000 or would you consider keeping rate it is same at $250,000 and raising them only on higher incomes, say half a million or $1 million a year? >> i think it's all part of the negotiations. we know where the president is and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000, some say even a million. all of that is going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he will do that. but the president stands at 250. which is below even where i was but he won the election. so i'm going to respond to the president though it's a number diffent from
our economy. >> reporter: republicans led by house speaker john boehner says he should quit campaigning and take care of the business at hand. republicans say they are willing to consider raising more revenue but they want to see spending cuts to go along with it. >> we need to hear they are willing to make spending cuts now, not promises of spending cuts sometime if the future. to me the tidal waves that are coming at us is social security and medicare and the new health care law. >> reporter: now house democratic leader nancy pelosi is calling the speakers to bring the tax to the floor by tuesday or she will try to force a vote. boehner is not likely to buckle under pressure so it seems like a standoff. >> gregg: sfuaf. what a surprise? they want to resolve this fiscal crisis or lack in his real compromise. john boehner is leading an attack on the lack of progress. >> there is a stalemate. let's not kid ourselves. it was not a serious proposal. so right now we're almost nowhere. >> gregg: almost nowhere. how about that? staff writer for roll call joins us live. the preside
can i do? if they say, what do you think? i say, low income rates, economy recovering slowly, housing coming back, if you stay through the turmoil, you'll have higher markets after its over, and maybe much higher so my view is yoo stay invested, broadly diversified, etfs to do it. >> you had me until much higher markets on the other side. what makes you think that? as an investor, it it's a higher tax, straightforward math. if you raise tax on dividends and capital gains, makes stocks less valuable in the long run, a less appetizing choice. you mentioned housing on the way back. holding assets for a long time, buy housing, gold stocks, something to sit? >> well, you have a diversify, and stocks are under owned, one. the monetary policy is predictable for years, and it's a low, low interest rate so now you say what are the relative choices? go by a high grade tax free bond, 3% interest. i can buy stocks, a 2%-plus dividend, could tax higher, but the dividends rise. i can get into a market cheaply if i believe earnings grow over time, say, the rest of the decade. that's my time horizon.
they were in 1980 or 1950, the question is given the world today and the other economies do we have a competitive tax system and i think our slow going economy under president obama says we don't. >> the new york times though makes a mention of, just a sort of a passing mention in this massive article, by the way, about the need to cut spending like one or two sentences about the need-- >> and i think that milton freedman brought us, that spending is really the tax bill. it's just delayed. so, every toll the government spends eventually they're going to have to take it from someone, either in taxes or in inflation, so, this is why you're seeing a lack of business investment is because this massive spending and huge debt tells every business owner, every investor, big tax are are coming to eventually pay for this. >> what was the point of the piece? i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies
. >> the concern people have is the world economy is in a very fragile state right now. i don't have to say what the problems of the eurozone have, they're very manifest. but the global economy as a whole, there's a lack of confidence, a worry about where it's going. so if you in america, and people have a lot of confidence in america in this regard, if you can sort out this issue, then even though that doesn't sort out all the problems of the american or global economy, it would be a big boost and give people a sense of confidence that there was -- you guys have got your act together. the decisions were being taken, and i think it will be good for you and good for us. so i hope you do it. i believe you will. i know right now there's bound to be tough negotiations. the president has been re-elected and i think that gives the situation its own special momentum. i hope you resolve it and then we're going to have to take some tough decisions over our way, too. >> very quickly. there was a cute video of hillary clinton here in washington over the weekend, and it had a clip from you in there. i'll pl
't know, feeling better and so much of this is about how we feel about the economy. >> oh, yeah. that's right. investors may not like it, but consumers love it. their confidence, the highest level in many, many months. still below 90, which is really the point at which you see a really strong and robust economy. but the fact that consumer confidence has been doing so much better, it's very important. now, here is possibly a source of their optimism. 20% of consumers expect more jobs in the next six months and that would be a cause for much optimism. >> shepard: yes, it would. the fears about europe's debt crisis clearly eased a bit 'cause there is another deal to provide aid to greece. >> more money for greece, $57 billion. it took three weeks to come to this conclusion for european and global leaders to say hey, we'll give you the money. it will come in four installments and if they didn't get this, they would be in bankruptcy. as you know, that would be bad for the entire e.u. that country, greece, has an unemployment rate of 25%. 25. >> shepard: big number. >> it's a very big numbe
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